Leon M. and Mary K. Jaroff - Page 44

                                       - 44 -                                         
          Jaroff called me after discussing the transaction with Mr.                  
          Tucker, and asked me * * * to confirm the information that Noel             
          [Tucker] had given him".  As Becker recalled, he and petitioner             
          discussed the Plastics Recycling transactions for approximately             
          15 to 30 minutes in Tucker's office.  Asked if his testimony                
          would be different if petitioner were to testify that he had met            
          Becker only once, and that he had spoken only to Tucker and                 
          Shuffrin about the Partnerships, Becker replied:  "No.  * * * [My           
          testimony] wouldn't be different."  Asked if he had a definite              
          recollection of talking to petitioner, Becker replied:  "I recall           
          talking to him in Tucker's office."                                         
               With respect to what he told petitioner, Becker's testimony            
          is inconsistent.  On direct examination, Becker testified that he           
          confirmed to petitioner that he and his associates at Becker Co.            
          had visited PI, observed the recyclers, and done everything they            
          thought appropriate.  Becker testified that "I just confirmed               
          that we believed that we had done an appropriate level of due               
          diligence."  On cross-examination, Becker modified his earlier              
          testimony and said:                                                         
               I [told Jaroff] that I had done a high degree of                       
               investigation, review, and analysis, as opposed to                     
               saying I did due diligence * * *.  I had told him about                
               some of the things that I had done, some of [the] other                
               things that Mr. Tucker had done, and we also had                       
               discussed the investment with Jaroff.  I had indicated                 
               to him that, based upon my knowledge of his financial                  
               circumstance, he could afford the risk.  That was                      
               basically the substance of my discussions with Mr.                     
               Jaroff.                                                                





Page:  Previous  34  35  36  37  38  39  40  41  42  43  44  45  46  47  48  49  50  51  52  53  Next

Last modified: May 25, 2011